FedEx Corp. posted fiscal 2023 second-quarter results late Tuesday that demonstrated its ability to quickly slash costs but also confirmed the damage a slowdown in demand is inflicting on its top line.
FedEx (NYSE: FDX) reported adjusted diluted earnings per share of $3.18, coming in above consensus estimates of $2.77. However, revenue came in about $900 million light at $22.8 billion and below the $23.5 billion revenue level in its fiscal 2022 second quarter.
Adjusted operating income came in at $1.21 billion, down from $1.68 billion in the year-earlier quarter. Operating margin fell markedly to 5.3% from 7.1%. Net income dropped to $815 million from $1.3 billion.
